Class I carriers report first quarter 2021 earnings

1st Quarter 2021
Net Earnings: Increased 5% to $1.3 billion from $1.2 billion
Earnings Per Share: n/a – not publicly traded
Revenue: Stayed flat at $5.4 billion
Operating Income: Increased 4% to $1.9 billion from $1.8 billion
Operating Expenses: Decreased 2% to $3.5 billion from $3.6 billion
Operating Ratio: Improved 1.5% to 63.7% from 65.2%
Click here to read BNSF’s full earnings report.
 

1st Quarter 2021
Net Earnings: Decreased 4% to C$974 million from C$1.011 million
Diluted Earnings Per Share: Decreased 4% to C1.37 from C$1.42
Revenue: Stayed relatively flat, with a slight decrease to C$3.535 million from C$3.545 million
Operating Income: Increased 9% to C$1.327 million from C$1.215 million
Operating Expenses: Stayed relatively flat, with a slight decrease to C$2.208 million from C$2.330 million
Operating Ratio: Improved 3.2 points to 62.5% from 65.7%
Click here to read CN’s full earnings report.
 

1st Quarter 2021
Net Earnings: Increased 47% to C$602 million from C$409 million
Diluted Earnings Per Share: Increased 51% to $4.50 from $2.98
Revenue: Decreased 4% to C$1.96 billion from C$2.04 billion
Operating Income: Decreased 6% to C$780 million from C$834 million
Operating Expenses: Decreased 2% to C$1.179 million from C$1.209 million
Operating Ratio: Worsened 100 points to 60.2% from 59.2%
Click here to read CP’s full earnings report.
 

1st Quarter 2021
Net Earnings: Decreased 8% to $706 million from $770 million
Earnings Per Share: Decreased 7% to $0.93 per share from $1.00 per share
Revenue: Decreased 1% to $2.81 billion from $2.86 billion
Operating Income: Decreased 7% to $1.10 billion from $1.18 billion
Operating Expenses: Increased 2% to $1.71 billion from $1.68 billion
Operating Ratio: Worsened by 220 basis points to 60.9% from 58.7%
Click here to read CSX’s full earnings report.
 

1st Quarter 2021
Net Earnings: Increased 1% to $153 million from $152 million
Diluted Earnings Per Share: Increased 6% to $1.68 from $1.58
Revenue: Decreased 4% to $706 million from $732 million
Operating Income: Decreased 13% to $253 million from $289 million
Operating Expenses: Increased 2% to $453 million from $443 million
Operating Ratio: Worsened 3.7 points to 64.2% from 60.5%
Click here to read KCS’s full earnings report.
 

1st Quarter 2021
Net Earnings: Increased 77% to $673 million from $381 million
Diluted Earnings Per Share: Increased 81% to a first-quarter record of $2.66 from $1.47
Revenue: Increased 1% to $2.64 billion from $2.63 billion
Operating Income: Increased 79% to a first-quarter record of $1.0 billion from $568 million
Operating Expenses: Decreased 21% to $1.6 billion from $2.1 billion
Operating Ratio: Improved to an all-time quarterly record of 61.5% from 78.4%
Click here to read NS’s full earnings report.
 

1st Quarter 2021
Net Earnings: Decreased 9% to $1.3 billion from $1.5 billion
Earnings Per Share: Decreased 7% to $2.01 per share from $2.15 per share
Revenue: Decreased 4% to $5.0 billion from $5.2 billion
Operating Income: Decreased 7% to $2.0 billion from $2.1 billion
Operating Expenses: Decreased 3% to $3.0 billion from $3.1 billion
Operating Ratio: Worsened 1.1 points to 60.1% from 59.0%
Click here to read UP’s full earnings report.
 

Notes: 

• Operating ratio is a railroad’s operating expenses expressed as a percentage of operating revenue, and is considered by economists to be the basic measure of carrier profitability. The lower the operating ratio, the more efficient the railroad.
• All comparisons are made to 2020’s first-quarter results for each railroad.
• All figures for CN & CP are in Canadian currency, except for earnings per share for CP